Indian Bank KYC REQUIREMENTS FOR DIFFERENT TYPES

Indian Bank KYC REQUIREMENTS FOR DIFFERENT TYPES OF CUSTOMERS

Indian Bank KYC REQUIREMENTS FOR DIFFERENT TYPES OF CUSTOMERS From Download

The provided document outlines the Know Your Customer (KYC) mandates and official guidelines for various types of account holders (KYC-REQUIR… p. 1):

Aadhaar Rules: Biometric authentication and submission are mandatory only for Direct Benefit Transfer (DBT) beneficiaries (KYC-REQUIR… p. 1). Non-DBT beneficiaries can provide any basic Officially Valid Document (OVD) along with a PAN Card or Form 60 (KYC-REQUIR… p. 1).
Address Declaration: If an individual’s current address differs from the permanent address on their OVD, no separate address proof is required (KYC-REQUIR… p. 2). The bank merely accepts a written correspondence address declaration (KYC-REQUIR… p. 2).
Deficit Rule: Individuals who fail to deliver an expected Aadhaar or PAN within 6 months of account opening will face an immediate freeze on account operations (KYC-REQUIR… p. 2).

To confirm standard identity and address, banks recognize exactly five core documents (KYC-REQUIR… p. 1):

Passport (KYC-REQUIR… p. 1).
Driving license (KYC-REQUIR… p. 1).
Voter’s Identity Card (KYC-REQUIR… p. 1).
NREGA Job Card (signed by a State Government officer) (KYC-REQUIR… p. 1).
National Population Register letter (containing name and address) (KYC-REQUIR… p. 1).

Proprietor Firms: Requires the proprietor’s personal OVD/photograph, their personal PAN, and any two commercial activity proofs (e.g., Shop & Establishment license, utility bills, or GST/VAT certificates) (KYC-REQUIR… pp. 4-5).
Partnership Concerns: Demands a verified Registration Certificate, official Partnership Deed, entity PAN card, a signed partnership letter, and individual OVDs/photos of all active partners (KYC-REQUIR… pp. 5-6).
Companies: Requires the Certificate of Incorporation, Memorandum and Articles of Association (MoA/AoA), corporate PAN, Board resolution, and explicit identification of Beneficial Owners holding over 25% control (KYC-REQUIR… pp. 6-7).
Self Help Groups (SHGs): Requires meeting minutes, a group member list, and an account-opening resolution (KYC-REQUIR… p. 3). Full individual KYC verification is mandatory only for the office bearers, not all group members (KYC-REQUIR… p. 3).
Trusts & Foundations: Demands a Trust Deed, registration certificate (if public), entity PAN, a signed resolution, and individual OVDs for all active trustees (KYC-REQUIR… pp. 7-8).

Small Accounts: Individuals missing official documents can open a “Small Account” with a self-attested photo signed in front of a bank officer (KYC-REQUIR… pp. 3-4). These accounts carry a maximum balance cap of ₹50,000, monthly withdrawal limits of ₹10,000, annual credit caps of ₹100,000, and a strict ban on foreign remittances (KYC-REQUIR… p. 4).
Foreign Students: Can only open Non-Resident Ordinary (NRO) accounts (KYC-REQUIR… p. 10). They are given a relaxed window of 30 days to furnish local Indian address proof (like a rent agreement or hostel letter) before normal NRO operational rules apply (KYC-REQUIR… pp. 10-11).

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